Critics Had Warned of Plummeting Values Due to Bloomberg Administration Policies

The first auction of New York City yellow cab medallions in five years fetched record prices on Thursday, officials said, providing a counterpoint to critics who warned of plummeting taxi values after the Bloomberg administration made sweeping industry changes.

Bidders—restricted to medallions for wheelchair-accessible vehicles—offered as much as $1.26 million for a single placard, which permits the holder to operate one of the city's 13,000 yellow cabs. The medallion auction was the first since 2008, and the initial phase...